Flats buyers in waiting mode in North Africa and Middle East

In Egypt, flat and long product prices were announced last weekend. As mentioned in our price reports, EZDK has kept its HRC prices at last month's levels and has decreased its rebar prices for the domestic market. EZZ Steel's S275 JR grade HRC price for its domestic market has remained at the level of EGP 4,370/mt, including VAT.
 
On the export side, it is heard that, not having received much demand for its offers at the level of $830/mt FOB, EZDK has started to ask Saudi Arabian buyers for their acceptance levels.
 
In Saudi Arabia, SABIC has increased its prices for June production but it is also concluding sales to its domestic market at lower levels than its announced prices. SABIC announced HRC, CRC and HDG prices of $770/mt, $900/mt and $1,050/mt respectively for June production.
 
On the import side, ex-Thailand offers to Saudi Arabia for new production 1.2 mm HRC have been at $900/mt CFR, whereas traders' position offers for Thailand and Italian origin 1.2 mm HRC are standing at the levels of $830-850/mt. Saudi Arabian buyers have found the new production offers to be higher compared to the traders' position offers. As a result, traders' position offers to Egypt and Saudi Arabia are more competitive than new production.